UPDATE: Evercore Lowers Price Target on Viacom to $57

According to Evercore, Viacom (NASDAQ: VIAB) price target is lowered to $57.

Evercore said that Viacom reported domestic ad revenue declined 3% versus its +2% forecast due to the Nickelodeon ratings issue and a weak scatter market. “Our new $57 price target is based on a discounted sum-of-theparts analysis and implies the stock could trade at 13.1x our 2012 EPS estimate. We are projecting 18% EPS growth rate driven by 5% top line growth, 7% operating income growth, and an 11% compounded decline in shares outstanding.”

Take-Two Interactive closed yesterday at $15.72.